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money. and the average person needs that $2,000 in his pocket to drive the economy. saying that tax breaks for the rich drive consumers lower down to spend is like saying you could start your car by pouring gasoline on the hood. there's no proof, there's no factual data to support it. it's completely a sham to say that. >> and he's a business owner. we need more members of congress to sound like that. if the president is trying to achieve solidarity on raising the top tax rate, these are the voices that can come through for them with that message in a big way. an owner of an automobile supply company says she supports the plan even if it means her own personal rates will go up. . >> i would have higher tax rates, but r more important and more crucial, the middle class would be spending about $3,000 more. >> harry reid kept the focus on the president's winning campaign message of letting the tax cuts expire on incomes over $250,000 a year. >> the people who have done so well during this difficult time with the economy, the richest of the rich are going to have to pay a little more to
the economy back where it should be. it's hard to watch the slow motion grind not discussing the issues. what about the discussion of the cap that has been etched into stone, and i'm not sure why. >> i think because there has been so much of a focus on letting the bush tax cuts expire for the top two percent and the discussions got narrowed to that. it has left us in the trillion dollar area as opposed to looking at real corporate tax reform and other ways that revenue can be generated. it looked like congressman defazio was paining a picture of how we can confront that early next year. >> eliot: he's one of our favorites. i don't think he speaks yet unfortunately for the mainstream, i wish he did. >> right. >> eliot: i don't think he does, but i think it's interesting when you hear what eric cantor says and even john boehner. they still will not discuss raising rates. they're willing to go there the charade of loophole closing and this and that, but none of which gets us where we need to be. >> right. it is amazeing to watch how they are unwilling to listen to what voters said on november 6t
revive the american economy if people are expected to take, they've already had 25% pay cut in six years. that's not the american dream and that's not the way you make an economy work. they're way and you have whack. >> you raised the issue of germany. many point to it's robust economy and manufacturing sector who would resist here worker representationen oh the board of directors. how has the actual representation impacted labor strife over in europe, for example? >> you know, there is some strife, but i think there is also more of a sense that we're all in this together. as you point out i mentioned germany, but it's, you know, france all the way through the nordic countries. the other thing that's key is in a newly emerging democracy like brazil the workers through collective bargaining is four to five times the level of the united states. you have rising wages millions of brazilian workers coming into middle income status, able to buy the things they produce and a growing economy in brazil. here, the micro system of each employer trying to maximize profits at the expense of employees
and reach an agreement that's going to be good for the country and for the economy. >> then what now? with democratic senator mark warner and kelli ayote. benghazi and obama's second term. with montana governor brian schweitzer, and former hewlett-packard ceo carly fiorina. and susan page of usa today. i am candy crowley. and this is "state of the union." republicans call the fiscal cliff plan a joke, an insult and break from reality. suffice it to say, it is unacceptable to them. the president's opening round offer includes $1.6 trillion in new taxes, $400 billion in savings from medicare and other entitlement programs, $50 billion in new stimulus spending, and an additional $285 billion to fund depreciation and mortgage programs, unemployment insurance benefits, and payroll tax cuts. >> this extra spending, that's actually greater than the amount they're willing to cut. i mean, it's -- it was not a serious proposal. >> while his aides were on capitol hill offering up the opening bid, the president was making his case in pennsylvania campaign style. >> at the end of the day a clear
economy we must put enments on the table. over the last four years entitlement spending is growing faster than the over all economy. this is why president obama has this country in record debt. that hurt the economy. take-home pay decreased under president obama. we must get entitlements under control. >> rick at the unemployment and housing vouchers. it is 800 billion extra spending. doesn't that have to be cut. >> there is no chance that there will be a dole without entitlement cuts. what sator durbin is talking about is the importance of focusing. if we want a deal you will not doing by taking a wide sprect rum appoach. president clinton was clear when he spoke to the republicans. he pointed out that the biggest driver of the united states debt is medicare. he understands that we have to face up to the medicare problem. we need a solution. >> the conference that rick was referring tompt he said folks, i won and i get to make the decision and he grew the budget by 800 billion every year. one-time stimulus has happened every year of the presidency and the president through tim geithener
, what does it mean to the economy? especially if we don't know in it will be a deal in a month or a deal to do deal in another year? >> there's absolutely no good at this point in pushing along the current system and waiting to fix it later. yeah, no one wants higher taxes, but we're not in a dp reception rightnow. we absolutely are going to die if things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goalets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to the world that we have a solution and if it takes a few months to get there and higher taxes for a while, big deal, we will get there. that's got to be the plan not just the same nonsense. >> yeah, but larry, that's part of your point, but jonas says we're not in a bad recession, we're certainly not in a good recovery. and if we just keep falling little bit by little
's time i explain to these good people about the fiscal cliff. think of the economy as the car and the rich man as the driver. if you don't give the driver all the money, he'll drive you over a cliff. it's just commonsense. >> finally someone on the right willing to tell the truth. but here's the thing. this time it doesn't matter if mr. burns, speaker boehner, or the tea party try to hold the american people hostage just to get what they want. the president isn't going to budge. >> so i want to sq thank you both for coming on the show tonight. congresswoman, let me start with you. is the gop serious about holding the economy hostage again just to get what they want? >> well, think about the cards that they are holding. they are in favor of tax cuts for the rich. they want to cut tax care programs and medicare and make seniors pay and threaten the economy of the united states of america by defaulting on payments or at least to threaten that. this is not a very popular position among the public. in fact, they will be -- i think it's a suicide mission that they are on, that the a
and the fight to save the economy. in his first interview since the big romney loss, i will ask reince priebus if his party is out of touch with the country. plus his plans to fix the gop. >>> plus president obama's tax push. he wants the rich to pay up but is it fair? >>> and one of the most influential spiritual leaders in the world, america's pastor, rick warren. he was there at barack obama's first inauguration. will he be there again? we're talking politics, same sex marriage and the "two and a half men" star whose christian conversion has him attacking his own show. this is "piers morgan tonight." >>> good evening. our big story tonight, countdown to financial doomsday, the fiscal cliff and the clock is ticking. 35 days left before this massive sweeping tax hike. america's now at the mercy of washington, hoping that both sides can end the fighting and make a deal. anti-tax champion grover norquist last night told me he's keeping republicans to the no tax increase pledge they made decades ago. but should his party back away from that promise? joining me in his first interview since the el
to work on what we all agree to, which is let's keep middle-class taxes low. that's what our economy needs. that's what the american people deserve. >> white house also turning to social media has a twitter hash tag to spread its message. >> today i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress. write them an e-mail, post it on their facebook walls. you can tweet it using the hash tag #my2k. not y2k, my2k. >> i think that's going to push us into the promised land. >> i was incredibly encouraged. i had been depressed and then i said this could actually get done with a hash tag. >> you're very pessimistic. we heard erskine bowles saying yesterday, he thinks it's less than a one in three chance, of course, co-author of the simpson-bowles plan. >> i was in washington earlier this week and met with a lot of these characters. the bottom line is there have been a lot of meetings, most of them between people w
for regional power. israel has the most powerful economy and military, but lacks political power for obvious reasons. turkey has economic and military power, but it also has growing regional clout. egypt is the natural leader of the arab world but it's not in a position to dominate. its economy is shambles, its military is second rate. the public opposition has been reassuring. the middle east is a complex region that is changing fast. grand generalizations about it are likely to be undone by events. but it is a more vibrant, energetic, open, even democratic place than the middle east a generation ago. for more, read my column in this week's "time" magazine. let's get started. >>> it was a week filled with tension and violence in egypt. there were mass protests after morsi issued a decree neutering the judiciary. there were demonstrations in his favor, and a constitution was drafted that spurred protest on the street. what to make of it all? two of my favorite scholars are with me. welcome, guys. conventional wisdom is this is a power grab by morsi. is that accurate? >> his dclaration gave h
this wrong, the economy is going to go south. we don't have a lot of time here. we have a few weeks to get this thing done. we could get it done tomorrow. optimistically, i don't think we are going to get it done tomorrow. >> the white house is using all social media resources to get the message out and put pressure on the republicans. >> today, i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress, write them an e-mail, post it on their facebook walls. you can tweet it using the hash tag my 2 k, not y2 k. >> the president was laughing about you the strategy, seriously effective. the my2k was one of the top trends on twitter all day long. republicans aren't too happy. they are getting outflanked. >> if the president wants to reach an agreement, he needs to be talking with the members of his own party right here in washington trying to broker an agreement, not out there firing up crowds and giving speeches. >>
the economy. >> i've heard of the economy, yes. >> the unemployment rate is still way too elevated. 7.9%. gdp got a pop but most of us agree it is growing well too slowly. this is our biggest near term problem. our biggest near term problem is not the budget deficit. that is a long-term problem, a serious problems, we have a chance to do something about it. . if we can at the same time, help the 2013 economy by giving it a bit of a boost, that means a lot to workers, their paychecks, job availability. i'm very happy to see that was in there. >> when you look at the white house's proposal, what do you think they think they can actually get? >> i think they think they can get the increase in the top rates. that's the biggest kind of thing to finally break the mold on that, to really push back against the kind of grover norquistian asymmetry. i think they can get that. i'm not sure we end up at 396 for the top rate, but i think they will get that. i think probably by giving some on the entitlements as is in their opening bid, they will be able to get back to perhaps some of the stimulus ideas as
about the importance of preventing a tax increase on middle class families, strengthening our economy, and adopting a balanced approach to deficit reduction. and so it goes. my first guest says it does not matter who you tax or what form revenue takes him, taking more money at the private sector will hurt economic growth. joining us now, republican senator from the great state of kentucky from the senator rand paul. good to have you with us, senator. >> good evening. the president says we don't have enough time for tax reform or in thailand reeorm. you know my responses? we have been talking about this for two years. why haven't we done anything? i met with the president a year-and-a-half ago and i looke@ across the table in. i said in a we need to do something about social security. we need to do something to save medicare. they have done zero. how come there is no committee appear. d'agata washington. who is in charge of social security reform? nobody. everybody waits for a deadline and throws up their hands and says we don't have enough time. it is broken up here, but because they'
that will affect your spending, lifestyles or the economy in any significant way. >> yes, indeed. the president is standing confident standing firm on middle class tax cuts and against any effort by republicans to throw the debt ceiling into the equation. >> if congress in any way suggests that they're going to tieรง negotiations to debt ceilg votes and take us to the brink of default once again, as part of a budget negotiation, i will not play that game. >> as the president perfects his steely gaze, keep in mistake he's keeping side eye on splintering cracks appearing amongst congressional republicans' supposedly solid front. >> personally u i know we are to raise revenue. i don't care which way we do it. i would rather see the rates go up than do it the other way. >> let's take the american people out of the line of fire. particularly that 98%. >> maybe there's something in the oklahoma water supply. if republican lawmakers are falling pray to the mendacious middle class those at fox news are standing up for the needs of those persecuted top earners. >> this is a different america. how did w
in the economy that would indicate that the job market is strong enough to actually bring down that overall unemployment rate. earlier this fall weekly jobless claims had dipped below that line, right before the election, and now they seem to be creeping above it, 393,000 is the number that we're hat today. it's interesting to note that we're going to get an overall unemployment number coming out. some people think based on this number that that could go back above 8% as well. bill: we were so keane on these numbers and waiting for them to tell us what they would tell us about the economy, and how voters were thinking and feeling and how it would play out in the election. a lot of people are now saying hey man, wrist the attention on the numbers. job number one is how to maybe the economy stronger. guess who is coming to the white house for lunch? >> mr. president you're entitled as a president to your own aeu own airplane and own house but not to your own facts. bill: those are topics that will likely not come up today. martha: peanut butter and honey is mitt romney's sandwich. we'll see i
savings as part of that and invest in things that matter to the american economy. we think we can do that. we have a good chance to do it now. it's important that we do it. i think we're going to get there. >> given tough talk over the weekend, why aren't we waking up to down numbers, red arrows? >> europe is terrific. bond rates are phenomenal. a great run. china numbers are better. i think that there's a lot of people who feel like doug cast does who writes with me with a piece in "the new york times" saying that -- >> most stuff is nontaxable accounts any way. most stocks that people won't be as motivated to sell as people think. of course that doesn't necessarily deal with the increase in payroll taxes and the whole recession side of it. it does deal with the stock market side in terms of selling. >> why not say, listen, fiscal cliff, i have to cut numbers. i have to cut guidance. i think many ceos will cut guidance because of the possibility that the amt is going to -- this alternative minimum tax, people don't know they have to write a check for $3,500 at the end of the year. once y
two acquisitions. plains exploration and mcmoran exploration. >>> concerns over the u.s. economy as adp misses estimates. the blame goes to superstorm sandy. goldman says the party is officially over for gold. >> starbucks at an investors conference will add 1,500 stores in the u.s. over the next five years. wait until you hear what they said about china. >> a big day in media. pandora ceo joins us live later this morning as the stock fell nearly 20% on weak guidance and netflix signs a big exclusive with disney. how much are they having to pay up for that? >>> let's deal with this big deal. as i've been telling you we'll see a lot of big deals -- i was wrong. here we are. freeport mcmoran buying not one but two companies. the combined price if you add it all together gets close to $20 billion. that does include debt. let's go through some of the details. it's somewhat complex. let's start with bigger of the two deals. freeport's purchase of plains. approximately $6.9 billion in total now. it's a cash and stock deal. .6531 shares and 39 bucks a share in cash. that adds up to $50
on the very, very decent and accelerating fundamentals of the u.s. economy. >> maybe, and that's just today, right, ron? >> been since last week. >> we were talking about the market really being so sensitive to any rhetoric out of washington. >> i'm not saying it's not hostage to headlines. we'll get intraday volatility. from the monday before thank giving until now, we have effectively wiped out the losses we saw post-election. >> rick, how do you see it? market complacency, too much angst, are we overthinking this? how do you read the market right now? >> i think that the low volume movements of the equity markets aren't really telling you any information. there's no way even in aggregate a market could decide what's going on in harry reid or john boehner's brain in anything is going on in begin with. if you look at treasuries overlaid on top of equities, until mr. boehner's comments, the treasuries have taken the big picture on all of this. they're not going anywhere fast. fiscal cliff is important, but there's a lot of issues for the next several years that are going to be important to
to then quickly craft a legislative deal that can stop the damage to the economy that would occur if we went off the cliff and stayed off the cliff. john boehner recognizes that the fiscal cliff is the president's leverage, but boehner believes he has leverage, too. politico reported this morning president barack obama made a demand of how john boehner near the end of their first white house meeting on the fiscal cliff, raised the debt limit before year's end. boehner responded, quote, there is a price for everything. boehner told president obama at the white house that the debt limit increase is quote my leverage. although he added that he's flexible on when it should be done. senator durbin said today that raising the debt ceiling must be part of any deal with republicans. >> i also think that the president isn't going to sign off on any agreement that doesn't include some certainty as to budgets, appropriations, dealing with our debt ceiling. we're not going to find ourselves with some big party celebrating in february and then turn around and march and have another doomsday scenario with the
the economy is pretty well positioned potentially in 2013 if we can put this behind us. so i think a lot of what's going on is what you would expect to see in this negotiation, very public negotiation, which is not the best way to do it. i think at some point, the president and the speaker are going to get in a room and have some very serious dialogue as this gets closer. my view is that both the administration and the republicans would prefer to put a deal together, and the outlines of that are on the table. >> you talk about the cliff or the abyss? we need to separate the two. it would be nice to have like a bridge to that $4 trillion deal that includes entitlement, tax reform. in fact, i don't know why the president isn't talking about that more with the simpson-bowles. >> the president did say that he doesn't think there's anything we can get done. >> as a bridge to that. always talking about the high end. >> actually, joe, i think the administration wants to see a deal come together here. >> for what, the fiscal cliff or the fiscal abyss? >> for both. >> for both. >> so that a down
on to conservative principles very closely. for example, the need for what they call a pro-growth economy, like senator ron johnson. let me play for you what he had to say. >> this president simply doesn't understand that and as a result he's going to punish success, put at risk the economic growth that we really need to create jobs, revenue that we need. >> this is sort of the talking point that we've been hearing all along. is there any indication around capitol hill that there is some softening on that? >> i don't even know what that means, putting -- basically, i believe that the argument is that only by decreasing taxes can you lead to growth. there is a lot of historical evidence that that is not necessarily the case. i think the issue for the gchop right now is whether the tax cuts expire for everyone or whether for only those with income over $250,000. >> let me bring in jim from the national journal. jim, we had a little technical problem there. let me ask you about what she said said. can anything be decided at all until a decision is made about who is going to have tax cuts expire if
's what our economy needs. that's what the american people deserve. >> the white house is also turning to social media in a new twitter hash tag to spread his message. >> today, i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean you to. call your members of congress. write them an e-mail, post it on their facebook walls. you can tweet it using th the #my2k. not y2k, #my2k. >> they showed support for cutting a deal with the president. yesterday the oklahoma republican repeated his belief that congress should start by locking in tax cuts for the middle class. >> in my view, we all agree that we're not going to raise taxes on people that make less than $250,000. we should just take them out of this discussion right now, continue to fight against any rate increases, continue to try to work honestly for a much bigger deal. >> if the president is willing to accept 80% of the bush tax cuts for 98% of the american people, i think that's a point we
republicans are holding the global economy hostage over the fiscal cliff. >> susie: and apple shares get of the most widely owned stocks sees heavy trading. >> tom: that and more tonight on "n.b.r." >> susie: big job cuts today at one of the nation's biggest banks. citigroup announced it's slashing 4% of its staff; that works out to 11,000 jobs worldwide. the cuts will save the bank more than $1 billion a year in expenses. but they won't be cheap, resulting in a billion-dollar charge against fourth-quarter earnings. is this gloomy news from citi the beginning of other companies doing the same? suzanne pratt reports. >> reporter: 11,000 jobs are a lot of layoffs, even for a bank as huge as citi. and there could be more. that's because the monster firm is still struggling to recover from the great recession even though it has fired a lot of other workers in the last few years. the thing is, citi has a new c.e.o. in michael corbat, and experts say he's anxious to make his mark, even if that includes cutting staff. and the need to slim down is not unique to citi; it's industry- wide. a finan
have to put the changes that happened well down the road because the economy's not ready to handle a lot of these changes in terms of cuts and things like that. but the idea that it feels like they're not going to do anything. you could wand ind up with the situation, let it all ride. we won't deal with any of it right now. >> republicans have had a good pint that tax increases are immediate and spending cuts are put off. >> when is a good time? they're talking about another four or five years of we're not going to be ready to have any type of austerity because it's still this huge debt overhang. what color is that tie? >> i don't know. red, i think. >> is it a red rutgers tie? >> not intentional. i completely forgot about the game. not having paid attention to the most important sports event of the year. >> they lost. but they played well. >> they showed up. i didn't see it, but i was happy they showed up. i have my rise above button back on because i thought i was going to have a rutgers button so which would not have allowed me to -- but now i had room for this. you got no sleep
that's what he's trying to do. it's hard to see where the upside is for the president if the economy slips into recession, talking about 2013 having no growth would be horrible. >> yeah, so, it's a little hard to see what the game is. as kim was mentioning, the president wants these tax increases. it seems to me we're going to go through this sort of scorpion dance the rest of the year. what did the president campaign on? what was the one thing, i think most people would say he campaigned on, that's raising tax rates on the wealthiest, the two top rates, that's the thing i think is on the table and-- >>, but the republicans put that on the table. >> and the republicans put that on the table the at least through deductions and-- >> yeah. but they're willing to put that on the table. the question is, what does the president then give republicans in return, if anything? >> well, i think that's what the republicans position should be. say we have committed what you campaigned on. if you're not willing to talk about reducing spending, they are we're not going to be able to do a deal with
for the economies in our states, as you're thinking about other changes, whether it's in the tax code or whether it's in cuts, if states are affected, we ought to have a seat at the table. that was really our message to all three. we said at the outset we're not embracing one plan or the other. i believe that they clearly want to get it done and we're hopeful that they will. it's important that they get it done soon. >> right. governor herbert, they've got to get it done because if they don't get it done, then it's going to rebound badly on your party more than the democrats because all the polls say that two-thirds of americans would blame the republicans for not getting this done, which may or may not be fair, but that's politics and that's reality. now, the sticking point on your side seems to be look, we don't want to have a plan that we sign up to that means 2% of the wealthiest americans have to pay more tax and certainly not without the kind of spending cuts we're looking for. but america doesn't agree with that, either. america, two-thirds of all people polled say they're quite happy for th
just return to a normal economy like we had in 2007, those policies of george bush where we had 18.5% of our economy coming to the federal government as revenue, that would be another $419 billion. so combined, that would be $750 billion per year of additional revenue. now, president obama's proposal of punishing success, it's hard to say exactly what it will be, but somewhere around $75 billion. it's a tenth of what we get with economic growth. and the rob with punishing success, with increasing marginal tax rates or really increasing taxes, is you put at risk that growth that is ten times more effective. so again, i'm just looking at what works. and we need to calm the markets. i don't want to play brinksmanship. it's a unfortunate that the president really isn't negotiating in good faith. he's just moving the goal posts. >> although the lead story on the "wall street journal" is about how the president may be relaxing that position. he may not insist on returning to the pre-bush tax cut rates for those wealthiest 2% or whatever the situation is. that may not mean that he's not l
low. that's what our economy needs. that's what the american people deserve. >> bill: you'll see some photos of this event yesterday at the white house up on our web site at billpressshow.com. again, the president pointed out it's passed the senate. get it through the house. he's got his pen ready to go. >> obama: democrats in the house are ready to vote for that same bill today. if we can get a few house republicans to agree as well, i'll sign this bill as soon as congress sends it my way. i gotta repeat, i've got a pen. i'm ready to sign it. >> bill: he held up his pen. i've got a pen. he says a few house republicans that's right, you don't need that many but you need to bring it up for a vote. boehner won't do it. why won't boehner do it because boehner says that still says -- he's just dead ass wrong he still says that raising taxes on the wealthiest of americans on the 2% would cost -- would kill jobs and kill the economy and we know from the eight years under bill clinton proven just the opposite. in the
to the economy. >> i'm wondering whether germany as we look at -- they're just above sort of recession territory at the moment. i'm wondering whether if they get better growth out of asia, that will offset the weakness that they're seeing in europe enough to keep them above the pencil line. >> what we've seen so far with today's numbers is exports are declining very sharp. they'll need asia and the u.s. to offset some of that demand weakness, but again, the biggest market for most is the euro zone. if the eurozone is performing badly, that will have a thok-on effect for those countries. >> there's a number of strategists saying after the u.s. has sort of led equities for most of the year, they're now saying europe is the place to be. from i think really the question you have to ask yourself is when cash, equities, credit, government bonds, where do you want to be. and equity in my mind mind is absolutely not. you need good growth numbers to justify the equity markets going up. now, i think there's a lot of investors looking at the yields on ghoechlt bonds or credits and that's motivating them to
the economy and if we do that on january 15th and it is a good deal, i would much prefer that over doing a bad deal on december 15th for face-saving on the january 1 fiscal cliff drop dead date. >> eliot: you're among the group that have been called the cliff jumpers. i don't know how you take that phrase but you've been willing to say let's go over the cliff. it will not be as dangerous and as cataclysmic as people are saying. >> i'm in good company. warren buffett. basically this artificial deadline is not a cliff. it is a slope. the bottom line is we've got to get a good deal. something that is sustainable and durable and not hit the panic button and then try to spin what is a bad deal as a good deal because that won't be sustainable after january 1st. >> eliot: that's not only correct on substance. unless we say that, the other side will stick us up and hold us to the deadline and get us to flinch at the end which unfortunately has been the history of the white house in the last couple of years. your wisdom there, i
the investment into the economy. there is an argument that it didn't work under fdr. war world war ii bailed us out. rather than that. so, i'm a small business guy, i'm a simple guy. i don't have a lot of sophisticated looks on things. i know that i have 350 employees and if you raise a bunch of taxes on me, i don't have as much money to hire people with. some people act like i'm trying to get richer and not hire people like i'm a greedy jerk. it helps me to grow my business and help more people. to me, it seems like it constricts the economy to raise taxes. >> i want an honest answer here. have you bought a ticket? >> you know, i have never done that. i have done so many stupid things with money. but i've never done that one. >> well, you are missing out on a lot of fun. killjoy. >> it is good to talk to you. and you make a lot of sense. >> coming up. and the fiscal cliff again. turning into one of mit romney's top money men. to come home for the holidays. that's double miles you can actually use... sadly, their brother's white christmas just got "blacked out." [ brother ] but it's the family
morning. good to be with you. i'm terrell brown. and a little more than a month the u.s. economy could experience a severe shock. that is if leaders in washington can't come up with a budget deal. scares of automatic spending cuts and tax increases could take effect january 1st. democrats moved by president obama and congressional republicans signaled they are willing to compromise on changing tax rates and spending reductions but the negotiations are moving very, very slowly. susan mcginnis is in washington with the latest. susan, good morning to you. >> reporter: good morning. the president is sending his top two negotiators to talk with lawmakers today about possible spending cuts. he's also getting ready to take his fiscal cliff message on the road. he'll try to convince the american people the best way to avoid the fiscal cliff is to extend the bush era tax cuts for the middle class. >> it's too important for washington to screw this up. >> reporter: president obama is putting pressure on congressional republicans and he's enlisting middle class americans in getting the gop to tak
sandy, not on any new or widespread weakness in the economy. >> i would expect that by december, we're going to see some bounce back. much of the disruption from sandy was people simply not being able to get to work or firms not employing people that they ordinarily would have. >> reporter: friday, the government will report it's monthly snapshot of the u.s. labor market. it, too, is likely to reflect temporary effects related to the aftermath of hurricane sandy. >> we're looking for only a 50,000 gain in jobs in november, well under that 170,000 average we've seen over the past three months. >> reporter: hurricane sandy's effects on hiring may be short- lived, but experts worry fiscal cliff concerns could result in a new storm brewing for workers looking to land a job in the coming weeks. suzanne pratt, "n.b.r.," new york. >> tom: citi and the financials lead the way higher on wall street, helping the dow top 13,000 again.at but a big drop in apple shares kept the nasdaq fromains.. by the closing bell, the dow was up 82 points, the nasdaq down 23, the s&p added two points. >> susie
a trillion dollars next year, there is more and more money on the sidelines in this economy. which means there are even more jobs that won't get created. that means economic growth will even decrease more. so, the president's got to wake up an realize he owns this economy. it is not in his political benefit to do this brinkmanship. jon: debbie, my understanding that the most to everybody agrees that the big drivers of government spending are entitlement programs like social security and medicare and medicaid. why not talk about reducing the expenditures there somehow? >> i want to say several things. one of the things got to do stop taking cheap shots. the secretary of treasury is one of the most serious people in this government. has the trust of the president and that is who the president is sending in here. let's stop taking these cheap shots. that is the kind of stuff we have to stop doing. you are right, this uncertainty is hurting the economy and putting money on the sideline, why we have to solve it. we need to walk into a room and put everything on the table. social security and
. whether it's the best solutioner to the economy is an entirely different story. this is a political and ideological argument and we'll see who wins. martha: there is a couple ways this could go. one is to land in the middle. you have $800 billion and $1.6 trillion. the other is for one side to say no deal. we'll let you go over the fiscal cliff and we'll see what happens. >> reporter: at the last minute i think there will be a deal. i think republicans will retreat and say okay, you can have higher tax rates but only on people making a half million dollars a year. the president will say, okay, but we'll only discuss -- we'll think about, we'll promise spending cuts in the future. it will be a way of kicking the can down the road. martha: charles krauthammer have a will the more leverage than republicans realize. the president does not want us to go into a recession. we'll talk about that coming up. bill: democrats are all about tax hike and republicans argue massive spending programs like medicare and social security must be dealt with in any kind of deal if you want to bring count
. martha: he argues the economy is ready to take off if people would just stop playing the blame game. bill: one of the changes that may be coming is the reduction in the mortgage interest rate duck you can claim. but according to the i.r.s. only a small percentage of americans claim it after all. all. 37% in maryland and 15% in north dakota. 73 per of americans are opposed to changing that. martha: the owner of popular restaurant chains claims complaints about obama-care have been hurting the company's bottom line. the head of darden says part of the blame is the negative coverage on the company's position on obama-care. we are just beginning on this wednesday morning. dock workers getting back on the job after a crippling 8-day strike at the port of los angeles and long beach. we'll look at the toll that the work stoppage has taken on the u.s. economy. bill: a questionable cartoon featuring the rich stealing from the middle class. martha: two rising stars in the republican party laid out their vision for the future last night and for their party. >> we need to carry on and keep fighting f
're going to talk about the fiscal cliff, we're going to talk about the global economy. we're going to talk about the civil war in syria. we'll talk about the royal baby coming soon. first we want to get right to zoraida sambolin for an update on the day's top stories. >> soledad, the fiscal cliff debacle, with 28 days remaining before drastic tax hikes and spending cuts take effect, a republican spending plan has been rejected by the white house. brianna keilar is live from washington. what now, brianna? >> well, right now it's about the pressure building and the clock kicking, zoraida. as house republicans in the white house try to ultimately broker a deal between two very different plans. house speaker john boehner's counteroffer, if you take a look at the headlines from this $800 billion in what would be savings from tax reform. so that is new tax revenue. but not done by increasing income tax rate on the wealthiest. but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medica
the economy is going to be hurt and i think both sides, especially the president deserve blame. stuart: who will get the blame? >> the republicans clearly are going to get the blame and hurting themselves. stuart: but we may go into a much slower economy and hurts the president. >> bad news for the president and even worse news for the the american people. stuart: i agree with that. all right, doug, not bad the at all. >> still a democrat. stuart: is that a tag line to every interview? >> it may well be. doug, thanks very much indeed. >> the so the president has made it very, very clear, drawn a line, no fiscal cliff deal without higher tax rates for the highest earningers, tax rates have got to go up. question, what will speaker boehner have to say about that? his reaction will be new at ten this morning. mark stein is going to be here as well and he'll join us to explore that and more. we have an oil and mining deal to tell, but. freeport mcmoran and copper and gold will have exploration and two separate deals for 9 billion in cash and stock. i'm not quite sure what all of that means. jus
's far better for the economy. >> the clock is ticking. the year is ending. it's really important with tax legislation for it to happen now. we're calling upon the republican leadership in the house to bring this legislation to the floor next week. >> arthel: let's bring in steve centanni with more. >> as you can see, the two sides are taking strong stands on principle, but aren't really getting any closer to a compromise as we speed toward that fiscal cliff. the president hit the road appearing at a pennsylvania toy factory yesterday and appealing for a balanced approach, including spending cuts and new revenues. the president says we could cut taxes for the middle class right now if congress agreed to extend the bush era tax cuts for everybody except those earning more than 250,000 a year. he stressed the urgency of the situation. >> if congress does nothing, every family will see their income taxes automatically go up at the beginning of next year. a family of four will see their income tax rise by $2,200. we can't let that happen. our families can't afford it and neither can o
taxes which we think would be harmful to the economy. and if you look at how much revenue that raises, $68 billion next year, that funds a government for less than a week. and it does potential significant harm to the economy and raises taxes on the very people we are asking to go out and create jobs. >> dick durbin says when you're talking about entitlement reform or cuts in spending for medicare, medicaid for example, he says that's too complicated now. listen to what he said this morning. >> when it comes to medicare, we know that it's going to run out of money in 12 years. whatever changes we want to make should be thoughtful changes not made in the heat of the fiscal cliff. >> can you defer medicare for example -- medicare reform until after you get a deal on the fiscal cliff? >> well, if we do that, wolf, i think what you have to do is also defer the issue of taxes. i think you extend tax rates some time into the foreseeable future whether that's six months or a year and allow us to go through the process where we can deal with entitlement reform and tax reform in regular order.
. cliffhanger. i don't know. if the economy falls in the forest and no one is here to hear it is there a sound. yesterday the republicans blame the democrats and the democrats blame the republicans. john had a exclusive with chris wallace. >> brian: chris wallace sat down with jone boehner. >> steve: here is mr. boehner describing the impression at the moment of what tim geithner was trying to sell him. >> i was ghasted and i looked at him and said you can't be serious. i never seen like it we have 7 weeks before election day andepped of the year. three of those weeks are wasted with this nonsense. >> y are talking about roughly. timothy depite gite saying we'll raise taxes 1.6 trillion and washington will increase taxes on capitol gains and we would like to say we like the power to raise the debt ceiling any time we want for the executive branch which is unconstitutional. >> steve: it is not 39 or 35 percent. all nonstarters in the world of negotiation. >> gretchen: two things to discuss. why is it tim geithner doing the discussions inted of the president of the united states. let me know if
of this country's economy. and actually, things are looking up, if you look at -- >> they're not saying that. >> -- the data. >> they're not saying that. i'm saying small business owners will be hurt. >> yeah. >> if you raise taxes. but -- we're talking about compromise. this is my view. you've got your view. you know what the answer is? >> yeah. >> getting together and talking saying, listen, this is what i can live with. you know what? 39.6% is offensive, even raising it 1 percentage point is offensive. why don't we do what warren buffett says and anybody that makes $1 million or more pays 30%, a minimum tax rate of 30%. and you raise the level up to $500,000 instead of $250,000 and i'll go ahead and reluctantly agree to raise the top rate to 37%. that's how deals are done, but you never get there if you don't have a president and congress -- >> but they can't do that now. >> why can't they do that? >> it's the centerpiece of their argument since the campaign and tim geithner on the sunday shows. they say there is no deal about raising taxes on the wealthy. >> and they're right. the matter
ceo warns the cliff must get stalled or the economy could be stifled well into 2014. >>> even more dividends pushed into 2012. coach, american eagle moving up and oracle will play out three-quarters of dividends this year. >>> more strength in housing this morning. toll brothers earnings top expectations. we'll begin with the fiscal cliff. governors are set to meet today with the president and congressional leaders. governors are concerned about the impact of deficit reduction measures on their state budgebu. the latest gop offer would overhaul the tax code, raise $800 billion in new revenue but seek $600 billion in health savings, net savings add up to about $2.2 trillion over ten years. boehner called the white house's original offer la la land and it does appear that even though at one point bowles endorsed a blueprint like this, he's trying to distance himself from it right now. >> the president got re-elected. he's claiming he got re-elected in part because he wants to tax that 2%. he cannot go back on that. in the meantime, congress most of the republicans signed the grover n
billion slashed from domestic programs. an estimated 2 million jobs could be lost pushing the economy back into a recession adding to the misery to those facing tough times by ending jobless benefits for the long term unemployed. steve is live in washington. where do we stand at this point? >> reporter: two sides did do something today. they appeared on the sunday talk shows but they haven't negotiated an actual deal. john boehner blasted the white house plan which was put forward last week. boehner says the president essentially wasted the last three weeks since the election with nonsense. >> the president is asking for $1.6 trillion worth of new revenue over ten years, twice as much as he been asking for in public. stimulus spending that exceeded the amount of new cuts he was willing to consider. it was not a serious offer. >> reporter: and boehner says he was flabbergasted when he was given the proposal. >> heather: and democrats are defending themselves? >> treasury-secretary tim geithner on fox news defending the president's plan for raising revenues, cutting spending and reduce the d
with him. the goal here is to grow the economy and control spending. you're not going to grow the economy if you raise tax rates on the top two rates. we're willing to put revenue on the table as long as we're not raising rates. >> so, joy, boehner is not exactly ready to go along with the american people, it seems. >> i think what you just saw there, rev, was a man waiting for bated breath on january 3rd, hoping that every day gets shorter and shorter and shorter as long as we're still in the lame duck congress and tea party members are still there. i think john boehner still has an ounce of fear that he will lose that vote. so he's always watching his right flank. i think boehner will be in a stronger position if we get to january 3rd and there isn't a deal and he can force a deal on his tea party members but this is a guy who still has to message to the right. this deal would have to be made by the congress that just lost the election, the congress headed by the tea party. and it's iron ironic that it lost the election but boehner has to cling to it for now. >> but the american people
economy. you don't want to kill economic growth and end up with less revenue. we are reaching out, providing the revenue, but doing it in a way that gets people back to work and generates revenue from growth. gerri: i have to tell you, what i hear are people who are continuing to pitch their own position and not move into the center and the thing that amazes me, and ensure it amzes the american people, there is not even another meeting scheduled yet. how is that possible? days from the deadline. gerri: we should be meeting every day, and we are putting revenue on the table. that is a big step. the administration has to engage with us. gerri: thank you for coming on. we appreciate. ho you will come bck as these negotiations continue. hopefully you can find some kind of resolution. >> thank you. gerri: meanwhe, the house is back in session after the thanksgiving break. the speaker was met with an unusual demonstration. naked protesters, no kidding, outside his office. by the time we get our camera crew their capital police said godunov. comments on the fiscal cliff talk rich edson h
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